Jury says developer broke pledge to build affordable housing
Sep. 07, 2018
CHARLOTTE, N.C. (AP) — A North Carolina jury says a developer broke promises to build affordable housing on land purchased at below market value in a historically black neighborhood.
The Charlotte Observer reported Thursday on the lawsuit between developer StoneHunt LLC and the Cherry Community Organization in Charlotte. The lawsuit says the group sold land at below market value to Stonehunt, which agreed in 2004 to build affordable housing for senior, disabled or low-income tenants in the rapidly gentrifying neighborhood.
StoneHunt built homes reserved for people older than 55, but that didn't satisfy the agreement's requirement of disabled tenant or income-restricted units. The group won about $1.6 million against StoneHunt in July. Court records say the company then filed for bankruptcy. Stonehunt President Stoney Sellars hasn't responded to the newspaper's requests for comment.
Information from: The Charlotte Observer, http://www.charlotteobserver.com